Asamy resigns from MTDC board over failure to implement Ayada decision

Asamy Rushdy resigned from the board of Maldives Tourism Development Corporation (MTDC) last Thursday, citing the company management's failure to implement board decisions concerning Ayada Resort in GDh. Magudhuvaa.

In her resignation letter addressed to the MTDC board, Asamy stated that her decision was prompted by management actions that she claimed were contrary to the interests of the board. She specifically alleged that management had failed to implement the board's directives concerning Ayada Resort and had not provided a response despite her repeated inquiries on the matter.

Her resignation comes amid allegations that the head lease of Magudhuvaa was being sold below market value, claims that MTDC has since denied.

Asamy also alleged that information provided by management to the media, stating that the board had approved a rights issue, was inaccurate. She said she was the only board member to oppose the proposal, arguing that it would undermine the interests of public shareholders and depart from the company's core objectives.

She further clarified that although other directors had granted conditional approval for the rights issue, management proceeded to announce it as an authorised decision without providing the updates requested by the board. Asamy described the move as one that could create a negative public and shareholder perception of the board members.

Concluding her letter, she stated that her resignation was necessary to ensure that her continued membership on the board would not be interpreted as her consent to the management decisions in question.